Date
23 July 2017
Robert Chung says credit card debt is more severe among people in their twenties who have an average balance of HK$81.500. Photo: HKEJ
Robert Chung says credit card debt is more severe among people in their twenties who have an average balance of HK$81.500. Photo: HKEJ

Young Hongkongers under a pile of credit card debt, says survey

Young Hong Kong people in their twenties and thirties are saddled with credit card debt, according to a survey.

They charge an average of HK$8,200 (US$1,060) a month to their credit cards, about 40 percent of their monthly income, Sing Tao Daily reports.

It takes more than a year on average to pay off the debt which accumulates again on new purchases such as smartphones and travel.

The survey by the Public Opinion Program (POP) of the University of Hong Kong interviewed 497 people between 18 and 35 in August.

It found that the respondents have 2.5 credit cards each on average.

POP director Robert Chung said the situation is more severe among people in their twenties who have an average monthly income of HK$18,000.

Their credit card debt could be up to HK$81,500, higher than those of their older peers who make an average of HK$24,000 a month.

The survey also showed that young people think being able to buy property is more important than enjoying life.

About 40 percent are optimistic about acquiring a flat within in 10 years.

However, Simon Lee, a senior academic from the Chinese University of Hong Kong, said they are being overly optimistic.

He said young people should stop overspending and set a clear savings target.

– Contact us at english@hkej.com

BT/DY/RA

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